FT: Russia’s 2022 fertilizer export earnings up 70 percent

MOSCOW, January 16 – RIA Novosti. The newspaper writes that Russia’s fertilizer export earnings rose in 2022 due to high prices despite low sales volumes. Finance Times With reference to data from the Food and Agriculture Organization of the United Nations (FAO).

It is reported that in the first ten months of last year, Russia’s revenue from fertilizer exports increased by 70% compared to the same period of 2021, reaching 16.7 billion dollars.

According to the FAO analysis, import statistics from Moscow’s trading partners show that fertilizer exports fell only 10% compared to the previous year. Analysts had predicted that at the beginning of Russia’s military operation in Ukraine, supply would decrease.

It is noted that Moscow has increased its exports to countries such as India, Turkey and Vietnam. “Obviously, countries like India (in terms of fertilizer imports) have benefited the most,” FAO said.

Representatives of Russia, Turkey, Ukraine and the UN signed a grain agreement on July 22 last year, which has become an integral part of a package deal to remove barriers to Russia’s food and fertilizer exports. Moscow noted that this was not done. At the same time, assurances came from the UN that restrictions on food and fertilizer exports would be lifted. Russian Ambassador to Turkey Alexei Yerkhov noted that a few days ago there was no progress in the implementation of the memorandum of understanding between the Russian Federation and the UN on the normalization of Russia’s agricultural exports. He said Russian manufacturers and suppliers continue to face blocked bank payments, exorbitant insurance rates and blocked access to ports. UN Secretary-General’s official representative, Stephane Dujarric, reported that the UN continues to work to remove barriers to Russian food and fertilizer exports.

The West has increased the pressure on Russia through Ukraine, which has led to higher electricity, fuel and food prices in Europe and the United States. Russian President Vladimir Putin has previously stated that the policy of containing and weakening Russia is a long-term strategy of the West and that the sanctions deal a serious blow to the entire global economy. According to him, the main purpose of the West is to make the lives of millions of people worse. The Russian Federation has repeatedly stated that Russia will solve all the problems that the West has created for itself.